Matrix Partners India expands fund to $450 million

MUMBAI: Venture capital firm Matrix Partners India on Wednesday said it has expanded its consumer services fund from $150 million to around $450 million.

The firm will now make larger growth capital investments up to $30 million in consumer services business, a company press release issued said.

The fund will continue to make smaller venture capital investments in early stage companies and has already invested in several companies so far. The investment team includes six investment professionals based in the city.

"With close to half-a-billion dollars in capital under management now, we can make larger growth capital investments and will continue to partner with entrepreneurs to build leading consumer service companies," Matrix co-founder and Managing Director Rishi Navani said.

"We have also uncovered a number of proprietary growth equity investment opportunities, which include greenfield oportunities with significant capital requirements, as well as partnerships with Indian corporate houses and foreign companies trying to enter the Indian market and now will look to invest up to $30 million in select companies," Bajaj, also a co-founder and Managing Director of the company, said.

The fund has invested in several companies such as Asklaila, Itzcash Card, Seventymm and Yo!China. The fund's investors include leading US university endowments and family foundations.